BELGORE, JSC (Delivering the Lead Judgment): The Agricultural Credit Guarantee Decree (now in Cap. 13, Laws of the Federation of Nigeria, 1990) sets out clearly how the loan under the agricultural scheme was to be administered. The law empowers the minister responsible for the scheme to fix rate of interest from time to time. In the case of default by the borrower/ farmer to pay the debt, section 12 sets out the procedure for demand. But in case of suing to recover the loan, section 15 is very clear; it is the Board of the scheme that must be sued. Though the amendment to the Decree (now Act) in 1993 allows the bank to sue the debtor directly, this case arose before the amendment and at the time the suit was filed the Board was not sued. This is an incompetent action and the court ought not to have welcomed the suit, irrespective of being placed on the undefended cause list. The court is to decide on cases legally placed before it. This appeal therefore succeeds. The appeal is allow…
TASHA
V.
UNION BANK OF NIGERIA PLC.
(2001) JELR 56902 (SC)
Supreme Court 29 Jan 2001 Nigeria
BriefBot Summary
- The case involves the interpretation of the Agricultural Credit Guarantee Decree (now Act) in Nigeria. - The law sets out how loans under the agricultural scheme are to be administered, including the power of the minister to fix interest
Case Details
Suit Number:SC. 17/1996
Judges:EMANUEL OBIOMA OGWUEGBU, JSC SYLVESTER UMARU ONU, JSC UMARU ATU KALGO, JSC SAMSON ODEMWINGIE UWAIFO, JSC
Counsel:N. Agomoh (Miss.) (with him, D. D. Dimlong) - for the Appellant. S. Yerima (Mrs.) - for the Respondent.
There's more. Sign in to continue reading.
judy.legal is the comprehensive database of case law and legislation from Ghana, Kenya and Nigeria. Gain seamless access to over 77,000 cases, recent judgments, statutes, and rules of court.